All information about Green Dot primor Mastercard Gold Secured Credit Card, Green Dot primor Visa Classic Secured Credit Card, and Green Dot primor Visa Gold Secured Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Show
Comparing the best secured card offers
Capital One Platinum Secured Credit Card: Best secured credit card for no annual feeOverview: This card’s no annual fee makes it a great starter card. Also, the no foreign transaction fee makes it a good card for overseas travel or making purchases on foreign sites. Pros: The terms are fairly straightforward, and with responsible use, you could get a higher credit line in as soon as 6 months if you make your first 6 monthly payments on time. Cons: The Capital One Platinum Secured Credit Card offers no sign-up bonus or ongoing rewards. Read our full Capital One Platinum Secured Credit Card review. Capital One Quicksilver Secured Cash Rewards Credit Card: Best for flat-rate rewardsOverview: This new credit card from Capital One combines consumer-friendly terms, like no annual fee and no foreign transaction fees, with unlimited 1.5% cash back on all purchases – a truly standout rewards program, particularly for a secured credit card. Pros: You’ll be automatically considered for a higher credit limit in as little as six months with demonstrated responsible use. Cons: If you’re trying to rebuild your credit and have mismanaged credit cards before, the opportunity to earn rewards could ultimately prove distracting. You might be better served by a no-frills secured credit, like the Capital One Platinum Secured Credit Card. Read our Capital One Quicksilver Secured Cash Rewards Credit Card review. OpenSky® Secured Visa® Credit Card: Best secured credit card for no credit checkOverview: Unlike most credit cards, the OpenSky Secured Visa doesn’t require a credit check to apply. Also, you can build your credit history quickly because the card issuer reports to all three credit bureaus. Pros: Your initial credit limit will be equal to your deposit and can go as high as $3,000, plus the card’s APR is lower-than-average for a secured option at 20.39% (variable). Cons: There’s an annual fee, as well as fees for foreign transactions, inactivity and garnishment. Read our full OpenSky® Secured Visa® Credit Card review. Applied Bank Secured Visa® Gold Preferred® Credit Card: Best secured credit card for low interestOverview: There’s no intro 0% offer, but this low interest card comes with a top-of-the-line fixed APR: 9.99% for cardholders, and it won’t increase even if you’re late with a payment. Pros: There’s no minimum score or credit check required in the application process. Also, your credit card habits will be reported to major credit bureaus Experian, Equifax and TransUnion – a perk that can really help boost your credit score. Cons: The card comes with a $48 annual fee on top of the required refundable deposit. Plus, there are no rewards to be earned here. Read more about the Applied Bank Secured Visa® Gold Preferred® Credit Card. Citi® Secured Mastercard®: Best secured credit card for building creditOverview: Unlike a debit card, the Citi Secured Mastercard helps build your credit history because the issuer reports to all three major credit bureaus each month. Also, you may get free access to your FICO score online. Pros: There is no annual fee which is always a plus. Cons: The security deposit to get started with this card can vary from $200-$2,500 based on your credit qualifications. Also, like most other secured cards, there is no rewards program with the Citi Secured Mastercard. Read our full Citi® Secured Mastercard® review. The First Progress Platinum Elite Mastercard® Secured Credit Card: Best secured credit card for wide acceptanceOverview: Because the First Progress Platinum Elite is a Mastercard, it is widely accepted, making it a great go-to card for the traveler. (Note: You will pay a foreign transaction fee when using the card overseas.) Pros: This card has a new expedited processing option, which is handy if you are looking to get your new card quickly. Also, the First Progress Platinum Elite Mastercard Secured Credit Card doesn’t require a minimum score or credit history. Cons: While not as bad as others, this card’s fees can be onerous. It carries an annual fee of $29 and a variable APR of 23.74%. Read more about the The First Progress Platinum Elite Mastercard® Secured Credit Card. Surge® Platinum Secured Mastercard®: Best secured credit card for fast application + rewardsOverview: The Surge Platinum Secured Mastercard promises a fast and easy application process with results in seconds and, given its low barrier to entry from a credit standpoint, is an option for people with bad credit. Pros: It’s one of the few secured cards on the markets that offers rewards (1% cash back on all purchases). Card use is reported to all three credit bureaus and you’ll get free access to your Vantage 3.0 score from Experian when you sign up for e-statements. Cons: The ability to earn rewards might distract some cardholders from their credit-building goals, so you’ll want to be careful not to overspend in an attempt to earn cash back. Also, the card touts a number of high fees, including a $69 annual fee, up to a $41 late payment fee and a $30 additional card fee. Read more about the Surge® Platinum Secured Mastercard®. Discover it® Secured Credit Card: Best secured credit card for cash backOverview: Earn 2% back at gas stations and restaurants for up to $1,000 in combined spend each quarter (then 1% cash back); plus, Discover will match your cash back at the end of your first year. That means, if you spend $300 a month at restaurants and gas stations, you will earn $6 a month, plus $72 at the end of your first year for the Cashback Match, coming to $144. Pros: With no annual fee and rewards to boot, this secured product offers another reason why it’s a good card for the long haul – Discover will automatically review your account after seven months to see if they can transition you to an unsecured card. Cons: There’s a lot to love about this card, but the regular APR is not one of them. Higher than the average APR for credit cards, which is 16.21%, the Discover it Secured Credit Card’s variable APR is one of the highest among secured cards. From our expert: “The Discover it Secured card is noteworthy because it offers rewards – a rarity among secured cards,” says CreditCards.com Industry Analyst Ted Rossman. “With no annual fee and 2% cash back* at restaurants and gas stations and 1% everywhere else, this card is a compelling introduction into the world of credit.” *2% on up to $1,000 in combined spend each quarter, then 1% Read our full Discover it® Secured Credit Card review. Self – Credit Builder Account with Secured Visa® Credit Card: Best secured product for establishing creditOverview: Whether you’re establishing your credit or repairing it, this unique card-and-account combination will help develop healthy credit habits while building a stronger credit mix – all without a credit check or history. Pros: Besides just earning interest on your “loan” deposit, you’re building credit on both your loan and credit card while other secured cards don’t. This strengthens your credit since 10% of a good credit score comes from a solid credit mix. Plus, you can extend your credit limit based on your account’s savings progress and stay on top of your credit score with credit monitoring and account alerts. Cons: Since the deposit is a “loan” and isn’t out-of-pocket, you can’t qualify for your card until you make three full consecutive payments and have at least $100 in your account without outstanding fees. On top of the one-time $9 account fee and yearly $25 annual card fee, be careful not to carry a balance since your monthly payments and credit card both carry APRs. Read more about the Self – Credit Builder Account with Secured Visa® Credit Card. First Progress Platinum Prestige Mastercard® Secured Credit Card: Best secured credit card for bad creditOverview: This card doesn’t require a credit history or minimum credit score for approval. Your card use is reported to all three major credit bureaus to help you build credit. Cardholders are required to put down a refundable security deposit of at least $200 to serve as the card’s credit limit. Pros: The card carries a regular variable APR of 13.74%, which is favorable for a secured credit card. Cons: There’s a $49 annual fee, which is on the high side for a secured credit card. Read more about the First Progress Platinum Prestige Mastercard® Secured Credit Card. What are secured cards?A secured credit card is a financial product designed for a consumer with bad credit or a limited credit history. It requires a refundable deposit in exchange for a credit limit. Most credit cards are unsecured credit cards, which means a security deposit isn’t required, but those aren’t always an option for everyone. Putting it simply, a secured card is a credit card that requires a cash deposit to start the account. The cash deposit gives card issuers a reason to accept lesser credit scores, and because having a credit card is the easiest and fastest way to build credit, a secured card can be worthwhile. Some even come with rewards and perks on top of the long-term credit opportunity. How do secured cards work?To give you a line of credit, lenders want to know that you’re likely to repay what you borrow. In many cases, a positive credit history provides the proof that credit card issuers need. That’s why it can be difficult to get approved for a credit card with a poor or limited credit history. Enter secured credit cards. Opening a secured account is initiated with a cash deposit, which acts as collateral rather than a balance that you can pull from to pay off your purchases. Once you’ve made your deposit, most secured cards act just like unsecured cards. You can use them to make purchases in person or online, and then routinely pay off those purchases with the ability to build your credit. If you don’t get your balances paid in a timely manner, you’ll face interest charges. In the worst case scenario where you start to default on payments, only then would your issuer start to pull from your deposit. There is one notable feature often seen with secured cards. Because you provide the card issuer with a security deposit upfront rather than getting in on your creditworthiness, you’ll often see issuers set your credit limit equal to the security deposit you provided. Depending on your financial flexibility, you might be able to deposit more than the minimum to start with a higher credit limit and improve your utilization ratio. After getting started, a secured card works like any other card – you have a revolving line of credit that replenishes as you make payments. With some secured credit cards, you may be automatically considered for a credit line increase after several months of on-time payments. Not only does this give you more purchasing power, but it may also give your credit score a boost. Finally, once your score reaches the “good” range (a FICO score of 670+), you can begin shopping around for a credit card with better rewards, rates and benefits. Pros and cons of secured cardsPros of secured cards
Cons of secured cards
How to get a secured credit cardIf your financial institution offers secured credit cards, you may be able to submit an application in person, by telephone, or through its website. If you’d prefer to see what cards are available outside of your bank or credit union, you can compare offers online, see what cards you may prequalify for and apply independently. Here’s how it works:
What credit score do you need to be approved for a secured credit card?Because you’re not able to spend more than the cash deposit you provide, the issuer’s risk is much lower than it would be lending to someone with an unsecured credit card. For this reason, applicants with minimal, bad credit or no credit history at all are often approved for secured credit cards. To give you a better sense of what constitutes good, fair and bad credit, FICO goes by the following range:
Factors to consider when choosing a secured credit cardYour choice in credit card should be based on your personal goals and finances. To start, consider that you’ll have to submit a cash deposit up front that can range from a few hundred dollars to several thousand. Think about your monthly expenses and determine what sort of credit limit makes the most sense for you while factoring in how much your budget allows for. If your card limit is on the lower end of the spectrum and your routine purchases eat up the majority of your available credit, understand that this type of high usage can hurt your credit score. In these situations, a high limit secured card may be a better option. Aside from spending habits, you’ll also want to take into consideration any applicable rates and fees such as annual fees and foreign transaction fees, as well as any additional benefits. Though it’s rare, some secured cards do offer rewards, such as the Discover it® Secured Credit Card. When it comes to selecting a secured credit card, here are a few things you should be particularly wary of:
Who should get a secured card
Who should skip a secured card
How to make the most of a secured credit cardNow that you understand how secured credit cards work, how do you handle one correctly? There are several things to keep in mind. It may take some reminders to get into the routine, but once you’ve established the right habits, proper credit card practices can become second nature. Here’s some tips on how to make your secured card work for you and improve your credit score:
If you’re able to consistently keep up with these tips, you should have no problem growing your credit score with a secured credit card. Most secured options report your habits to the three credit bureaus, so demonstrating good behavior like these is the best way to improve your credit. How to upgrade to an unsecured credit cardYou probably don’t want to keep a secured card forever; for most people, secured credit cards are a bridge to bigger and better things. When you are able to upgrade, your next credit card should be a rewards card. If you have good credit and are able to pay your bill in full each month, passing up on a rewards card is like passing up on extra money, essentially. In addition to higher credit limits, you’ll have the luxury of earning cash back or travel points and access to exclusive perks like sign-up bonuses and 0% intro APR offers. So how does upgrading your secured credit card work? Here’s what a typical timeline looks like:
Alternatives to secured credit cardsWhether you don’t want to plunk down a security deposit or you don’t qualify for a secured card, there are a number of alternative ways to enjoy the convenience, the safety of a cashless life and even credit building. For example, with unsecured cards such as retail credit cards, you can avoid paying a deposit while having the opportunity to build your credit. A passbook loan or credit-builder loan also gives ways for consumers to build credit. And while you won’t build credit with debit cards and prepaid cards, some consumers prefer them for budgeting and convenience reasons. Unsecured credit cardsUsually unsecured credit cards are for consumers with better credit, but there are some available for fair and even poor credit. However, they often have hidden, weird fees. That said, there are a few that are worth a look, such as the Discover it® Student Cash Back and the Discover it® Student chrome. Both have minimal fees and both offer rewards for restaurants, gas stations and more. Retail credit cardsRetail cards are often co-branded with a network, such as Visa or Mastercard, and they frequently only require fair credit. There is usually no security deposit required, but the APRs are typically higher than other credit cards. Prepaid cardsWhile you can’t build credit with these cards, some people use them to manage their spending. Prepaid cards can be purchased at grocery and other stores, then reloaded with money when the balance runs low. Prepaid cards are safer than cash because they have some protections by federal law. Debit cardsDebit cards are attached to your checking or savings account and can be used at points of sale and as an ATM card. You won’t be able to build credit with this kind of card, and you’ll need to check your financial institution about protections because they don’t automatically have the protections of credit cards or prepaid cards. Credit-builder loanThere are different types of credit-builder loans, including unsecured loans that can be used for emergencies, such as a car breakdown, and secured loans that require you to save. As the name implies, they are designed for building credit. Community banks and credit unions often offer these lending products. Passbook loanA passbook loan is a lending product secured by a savings account. According to Investopedia, some lenders lend up to 50% of the savings account balance while others lend up to 100%. You can earn interest on the account, including the amount borrowed. Research MethodologyMethodology: We analyzed 228 secured cards to identify the top products available for consumers. Core criteria we considered in our evaluation include:
Other criteria used: Ease of application, ability to increase credit limits, deposit required, other benefits and features, customer service, security, rewards rates. More information on secured credit cardsFor more information on secured credit cards, continue reading content from our credit card experts:
Tracy Stewart Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections. He previously covered travel rewards credit cards, budget travel, and aviation news at SmarterTravel Media. His money-saving tips have appeared in the Washington Post, the Wall Street Journal, Consumer Reports, MarketWatch, Vice, People, the Zoe Report and elsewhere. About the EditorJeanine Skowronski Jeanine Skowronski is a credit card expert, analyst, and multimedia journalist with over 10 years of experience covering business and personal finance. She has previously served as the Head of Content at Policygenius, Executive Editor of Credit.com, Deputy Editor at American Banker, Staff Reporter at TheStreet and a columnist for Inc. Magazine. About the ReviewerJason Steele Jason Steele is a professional journalist and credit card expert who has been contributing to online publications since 2008. He was one of the original contributors to The Points Guy, and his work has been appearing there since 2011. He has also contributed to over 100 of the leading personal finance and travel outlets. He’s frequently interviewed and quoted by mainstream outlets on the subjects of credit cards and travel. Jason is passionate about travel rewards credit cards, which he uses to earn rewards that he can redeem for him and his family to travel around the world. Jason is also the founder and producer of CardCon, a conference for credit and credit card journalists that’s held annually. What secured credit card is the easiest to get?The easiest secured credit card to get is the OpenSky® Secured Visa® Credit Card because it does not check your credit history when you apply. Plus, it has a minimum security deposit requirement of only $200.
Can you get denied for a secured credit card?But even if you have the money for a deposit, you can be denied a secured card if your credit profile is deemed too risky to a lender. Each lender, or card issuer, has a set of standards as to what an ideal borrower looks like. This includes your credit score, your income and your current and former debts.
Can I get approved for a credit card with a score of 500?Yes, you can get an unsecured credit card with a 500 credit score. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card because it offers a $300 starting credit limit, the potential for automatic credit line increases, and an annual fee of $75 intro 1st yr, $99 after.
What secured credit cards dont do hard pulls?Best Secured Credit Cards with No Credit Check. Instant Decision: OpenSky® Secured Visa® Credit Card.. Low Annual Fee: The First Progress Platinum Elite Mastercard® Secured Credit Card.. Low APR: First Progress Platinum Select Mastercard® Secured Credit Card.. Lowest APR: Applied Bank® Secured Visa® Gold Preferred® Credit Card.. |